Fifth Third Bancorp Increases Stock Holdings in Allegro MicroSystems, Inc. $ALGM

Fifth Third Bancorp grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 2,377.7% during the first quarter, Holdings Channel reports. The firm owned 29,063 shares of the company’s stock after purchasing an additional 27,890 shares during the period. Fifth Third Bancorp’s holdings in Allegro MicroSystems were worth $916,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Invesco Ltd. boosted its holdings in shares of Allegro MicroSystems by 44.0% in the 4th quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock valued at $201,835,000 after buying an additional 2,338,624 shares in the last quarter. State Street Corp raised its stake in Allegro MicroSystems by 1.5% during the 4th quarter. State Street Corp now owns 5,359,488 shares of the company’s stock worth $141,383,000 after acquiring an additional 78,203 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Allegro MicroSystems by 77.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company’s stock valued at $73,968,000 after acquiring an additional 1,227,317 shares during the last quarter. Alliancebernstein L.P. lifted its position in Allegro MicroSystems by 189.4% in the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after acquiring an additional 1,806,183 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Allegro MicroSystems by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 2,393,968 shares of the company’s stock valued at $63,165,000 after acquiring an additional 24,839 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on ALGM shares. Wall Street Zen lowered Allegro MicroSystems from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company raised their price target on Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. TD Cowen cut their target price on shares of Allegro MicroSystems from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a $62.00 price objective on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Finally, UBS Group lifted their target price on shares of Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a report on Friday, May 8th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $55.20.

Insider Activity at Allegro MicroSystems

In other news, SVP Richard Madormo sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total transaction of $263,600.00. Following the completion of the transaction, the senior vice president directly owned 69,687 shares of the company’s stock, valued at $3,673,898.64. This trade represents a 6.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan D. Lynch sold 16,711 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $45.46, for a total value of $759,682.06. Following the completion of the sale, the director directly owned 12,805 shares in the company, valued at approximately $582,115.30. The trade was a 56.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 68,607 shares of company stock valued at $3,213,714 in the last quarter. 0.50% of the stock is owned by corporate insiders.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $46.03 on Monday. The stock has a fifty day moving average price of $51.85 and a 200 day moving average price of $42.24. The stock has a market cap of $8.58 billion, a PE ratio of -511.39 and a beta of 1.90. Allegro MicroSystems, Inc. has a 1 year low of $22.41 and a 1 year high of $71.77. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.21 and a current ratio of 3.45.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The business had revenue of $243.19 million during the quarter, compared to analysts’ expectations of $235.94 million. Allegro MicroSystems had a positive return on equity of 6.09% and a negative net margin of 1.67%.The business’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter last year, the business posted $0.06 earnings per share. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. Sell-side analysts forecast that Allegro MicroSystems, Inc. will post 0.77 earnings per share for the current fiscal year.

About Allegro MicroSystems

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.